French supermajor TotalEnergies and Seoul-based Korea Gas Corporation (Kogas) have signed a deal that ultimately aims to formalise their cooperation in the liquefied natural gas market, potentially creating a joint business.

Kogas chief executive Hee-bong Chae and Thomas Maurisse, TotalEnergies head of LNG, signed a memorandum of understanding on Wednesday covering LNG trading and the energy transition.

The MoU intends to also create a formal framework for long-term cooperation, said Kogas in a statement, which could lead to the establishment of "a joint business relationship" that combines theirs strengths and resources.